Due to the change of the Panamanian Law and the implementation of the Law No. 22 from 2006, the Public Auction process will be changed according to Article 44 of such law. In the FUTURE any sale will take in place form of a REAL TIME AUCTION, where a qualifying bidder is able to compete and auction in presence the co-bidders, instead placing a “sealed offer”.

The following is a short summary of the process established for auctions with a property base price of below US$ 300,000:

1. The Panamanian Government Entity will publicly announce the auction sale of property.
2. Any interested party will be able to receive documentation related to each auction , such documentation will regulate any details, if in addition or other then published in the law, ( “Pliego de Cargo” ).
3. Any Interested party will need to “pre-qualify” by at least placing not later then 48 hours prior to the auction, a deposit of 10% of the property Base price; and / or fulfill any requirements from the PLIEGO DE CARGO.
4. On the auction day, any “pre-qualified” party will be able to participate on the Public Real Time Auction. Bids are accepted while “at or higher” of the base price. If only one bidder shows up, the Auction will take place, as long the one bidder, offers while “at or higher” of the base price.
5. Once a bidder has WON the auction, a public document will be issued to the winner and the winner has 5 (five) days to cancel the ‘complete auction amount’ while presenting payment to the selling Government entity if not otherwise informed. Upon complete payment a title transfer deed will be issued.
6. In case a WINNER fails to cancel the remaining balance ( Auction price, less deposit on base price) within the 5 days, the party will loose the auction assignment and the deposit.
7. Deposits presented by parties which had not been winning in the auction, will be returned immediately after the auction.

View government properties for sale.